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CBN assures customers of banks’ compliance to forex sales

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The Central Bank of Nigeria (CBN) has assured members of the public that commercial banks would always respond to the legitimate foreign exchange demands of customers, saying it has already put in place a monitoring mechanism to guarantee the seamless sale of the forex.

The CBN made the assurance after it had directed banks to commence the sale of forex to customers for invisibles such as basic travel allowance, personal travel allowance and medical and tuition fees.

The assurance was given by the apex bank’s acting Director in charge of Corporate Communications, Osita Nwanisobi, on Monday, August 2, in Abuja.

Nwanisobi explained that the banking regulator had put in place a monitoring mechanism to guarantee the seamless sale of forex to customers who supported their requests with relevant documentation.

The director added that the CBN has received the commitment of the banks, through their chief executive officers, that customers with legitimate requests would not be turned back.

Techeconomy.ng previously reported that the CBN had stopped the sales of forex to the Bureau De Change operators in the country with immediate effect.

The CBN Governor, Godwin Emefiele, made this known after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.

The central bank MPC also retained the Monetary Policy Rate at 11.5 per cent also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively at the end of the meeting.

In his words, Emefiele said: “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

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  1. Pingback: CBN Assures Customers Of Banks’ Compliance To Forex Sales | Techvalley

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